The NASDAQ caught a steady bid on Thursday and as I left it on yesterday’s update if upside was going to engage it needed to do so without looking back. That is pretty much the play book from today. The ES took some time to catch the same “up” wave but eventually it came in and pushed prices higher. Both markets remain on track, thus far, to reach upside targets to complete the larger Primary B wave sequences. I also update the labeling and the Fibonacci levels. Friday is January expiration. Economic data: @ 10 AM EST – Consumer Sentiment and Existing Home Sales.
January 18, 2024